Life insurance for 457 visa holders

Can I take out life insurance or income protection if I am travelling in Australia on a 457 Visa?

Yes, generally 457 Visa Holders are eligible to apply for Life Insurance, TPD, Trauma and Income Protection while they are residing and working in Australia.

That said, there are some conditions to be aware of:

There may be restrictions for certain Occupation Types. An insurance adviser can help you find appropriate cover for your occupation

No claims will be payable under the cover if the life insured is travelling or residing outside of territorial borders of Australia and New Zealand unless for business or holiday-related travel up to three months in a consecutive 12 month period

Due to recent changes to legislation, 457 visas may no longer be available. If you are currently on a 457 Visa you will not be affected by the changes.

Can I keep my policy if I become a permanent resident?

If you are granted permanent residency and wish to keep your policy, you can inform your insurance provider and the cover will remain in place. However, if you return home after your work contract or after 4 years the cover will automatically lapse unless the policy is cancelled.

Make an enquiry for 457 Visa Life Insurance with an Adviser

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TPD CoverProvides a lump sum payment if you become totally and permanently disabled and are unable to return to work.

Trauma CoverProvides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.

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When will the employer provide cover?

Injuries sustained at work:While leaving your home country to work somewhere else undoubtedly poses risks as an employee, this process also presents certain dangers to the employer. Employers are required to cover medical and public hospital expenses for any employees who are 457 Visa holders who have sustained injuries on the worksite.

Injuries and illness sustained outside of work: However, if a 457 Visa holder is injured or falls ill and is unable to work, employers do not have to continue to pay the worker’s income. In some cases, the employer may have to terminate the employment agreement and return the 457 Visa worker to their home country—even if the employee will eventually be able to return to work.

Should employers take out 457 insurance for workers on 457 Visa Holders?

As mentioned above, an employer is not actually obligated to continue to pay a 457 Visa worker’s income if injury or illness means they are unable to work. But while there is no obligation for employers to do this, the loss of productivity they can suffer as the result of an employee’s illness or injury makes it highly beneficial to take out income protection insurance for 457 Visa holders.

For employers, income protection cover for 457 Visa holders is now seen as increasingly important. As well as an attractive benefit to prospective employees, it is also a great way to protect the company’s investment in that particular employee. Rather than simply waving goodbye to the time and money they have put into training that employee and then undergoing the hassle of finding and training a replacement, employers have the peace of mind of knowing their employee has adequate cover in place.

If you’re considering taking out income protection cover for your employees who are 457 Visa holders, your consultant will help you find an insurance provider that specialises in offering this sort of cover and understands all the ins and outs of the 457 Visa scheme.

What is the 457 Visa?

The 457 Visa, also known as the Temporary Work (Skilled) Visa, allows employers to sponsor skilled overseas workers to work in Australia temporarily. Employees can come to Australia, accompanied by their immediate families, for anywhere between one day and four years. Applications for a 457 Visa are processed by the Department of Immigration and Citizenship.

The program is designed so as to not undermine job opportunities for Australians, and allows employers to access overseas workers where either a skill shortage exists or no suitable Australian employee can be found.

Bringing a worker to Australia on a 457 Visa involves a three-stage Visa. After an employer applies to become an approved sponsor, they can nominate a skilled overseas worker to fill a position. The third step in the process sees the overseas worker lodge a linked temporary work skilled Visa application.

457 Visa Requirements

Applicants must meet several criteria in order to be eligible for a 457 Visa. These include:

Applicants must have an approved employer who is willing to sponsor them for a specific skilled position.

Applicants must have appropriate health insurance cover in place.

English-language requirements must be met, though some exemptions do apply to this criterion.

Applicants must meet certain character requirements. This means they need to provide a police certificate from each country they have lived in for 12 months or more during the past 10 years after turning 16 years of age.

All applicants need to be able to show that they have the skills and the experience to work in the nominated position.

Applicants also need to ensure they are eligible for any licences or registration that are required to fill the nominated position.

Richard is the Insurance Editor at finder, and has been wrangling insurance Product Disclosure Statements for the last 4 years. When he’s not helping Aussies make sense of the fine print, he can be found testing the quality of Aperol Spritzes in his new found home of New York. Richard studied Journalism at Macquarie University and The Missouri School of Journalism, and has a Tier 1 certification in General Advice for Life Insurance. He has also been published in CSO Australia and Dynamic Business.

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